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Hungary Geothermal Energy Market Outlook to 2022

Hungary geothermal market, which is estimated to be USD XX billion in 2016, is expected to grow to USD XX billion by 2022, at a CAGR of XX percent._x000D_ Geothermal energy is considered to be one of the cleanest energies in the world. The government has shifted its focus towards diversifying its matrix of power generation sources, looking at other renewable resources such as solar energy, geothermal energy, etc._x000D_ _x000D_ The energy production from this technology depends on the availability of the geothermal energy sources. With the amount of heat generated, the geothermal energy can be used for power generation, thermal springs or in other ways. Various places have been identified as potential geothermal energy resources, but, only a small fraction of them are being exploited currently. Hungary government has identified the potential of this low temperature geothermal energy and has classified them according to the usage, such as bathing, recreation and tourism, industrial use, space heating, therapeutic, and drinking. The localities with these thermal springs have become new tourist attractions and have given a boost to the local economy, by emphasizing on thermal spas, centers for entertainment and physical conditioning for revitalizing the body, etc._x000D_ _x000D_ With increase in the demand for energy, extra efforts are required for new developments in the Hungary , as the current availability of energy is not catering to the increase in power demand. This increase in demand combined with government regulations, have created favorable conditions for public and private partnerships. At the moment the geothermal resources at these places are used for BRT (Bathing, Recreation and Tourism) and TDB (Therapeutic, Drinking and Bathing), in spite of their PIS (Potential for Industrial use and Space heating) usages, etc. Hungary government is planning to utilize the geothermal energy resources for industrial use, which will indirectly help in reaching the energy goals._x000D_

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Published Date: Q2 2016

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